Financial Conduct Authority (FCA)
FCA reveals pendulum swing in Gap payouts
The latest Financial Conduct Authority data for fair value measures has shown that, following regulator intervention, more money is being paid out in Guaranteed Asset Protection insurance claims than is coming in through premiums.
Commission clarity shouldn’t stop at motor finance
Editor’s View: While the Financial Conduct Authority currently believes only motor finance commission arrangements warrant a compensation scheme, Emma Ann Hughes warns similar payment practices in general insurance could soon face greater scrutiny.
Culture and conduct now define leadership in insurance
The Financial Conduct Authority’s new non-financial misconduct rules make culture and conduct a core compliance issue for insurers, which Sarah Ouarbya, partner for risk and regulatory consulting at Forvis Mazars, argues will reshape expectations of…
Biba hails progress on speeding up authorisations
British Insurance Brokers’ Association CEO Graeme Trudgill has told Insurance Post that its members have been reporting quicker authorisations following changes implemented by the regulator.
FCA defends ‘awful lot’ of work done amid Which? super complaint
The Financial Conduct Authority has said it has already done an “awful lot” of insurance work, in response questions about the Which? super complaint.
FCA warns against snap judgments on motor finance redress scheme
The Financial Conduct Authority has called for firms and individuals to “not rush to judgement” on its motor finance compensation scheme.
Green Insurer CEO reveals what went wrong following closure
The Green Insurer CEO Paul Baxter cited a failure to diversify funding sources as a key factor which led the eco-friendly motor broker to close its doors.
Professional Enablers: The Hidden Force Behind Claims Inflation
Jared Mallinson, partner and head of counter fraud at HF considers what is enabling high levels of insurance fraud, how the landscape is shifting, and what can be done to help tackle the issues moving forward.
Regulators to tackle motor claims management practices
The Financial Conduct Authority, Solicitors Regulation Authority, Information Commissioner’s Office and the Advertising Standards Authority plan to tackle misleading advertising and information about motor finance claims.
Fairer Finance demands FCA probe into pet cover limits
Fairer Finance has accused pet insurers of adding “deceptive” inner limits to policies marketed as comprehensive, which could leave owners facing thousands of pounds in unexpected vet bills.
FCA fines set to hit record low
2025 could see the lowest total value of fines issued by the Financial Conduct Authority in the regulator’s history, according to analysis by compliance and regtech platform Hackford.
Should insurers fear Which? super complaint?
Content Director’s View: On the back of the Which? super complaint relating to travel and home insurance, content director Jonathan Swift mulls what the potential outcomes might be and whether it will have as wide an impact as the dual pricing…
Which? makes super-complaint against FCA over insurance failings
Which? has issued a super-complaint to the Financial Conduct Authority, accusing the regulator of failing to tackle persistent problems in the home and travel insurance markets.
FCA uncovers £200m of short-changing from motor insurers
More than 270,000 motorists are to receive a collective £200m in motor insurance compensation after the Financial Conduct Authority found some insurers had short-changed customers on stolen or written off vehicle claims.
FOS looking to improve its ‘value for money’
The Financial Ombudsman Service is actively working to justify its cost to the industry through its overhaul consultation in July, delegates at the Chartered Institute of Loss Adjusters conference have heard.
Penny Black’s Social Diary: FCA number plate; Ryan Specialty’s chocolate
Penny Black is back, sharing the tittle-tattle she overheard at insurance industry events, reviewing the quality of buffets at conferences, and giving a thumbs up – or down – to the sector’s social media posts.
FCA lets insurers lead as consumer protections weaken
The Association of Consumer Support Organisations’ director Matthew Maxwell Scott argues the Financial Conduct Authority's recent reports echo the Association of British Insurers' 18-month-old roadmap, risking consumer protections and repeating the…
Questioning the math behind FCA’s insurance price defence
The Financial Conduct Authority cites cost pressures, rather than profiteering, for motor insurance premium hikes but with record profits and low claims ratios, compliance consultant Branko Bjelobaba asks is that the full story?
What the motor finance ruling means for broking pay
Editor’s View: After the Supreme Court ruling on motor finance sparked an £18bn redress scheme, Emma Ann Hughes asks could insurance broker commission be next under the Financial Conduct Authority’s spotlight?
Sign of the times: grad’s internship plea goes viral
Alexander Mani, an economics graduate seeking an internship, spent 10 hours standing outside the Lloyd’s building with a sign advertising himself for hire – and told Insurance Post that the industry's response was “incredibly welcoming.”
Should premium finance firms be on high alert after motor finance decision?
News Editor’s View: Scott McGee looks at the approaches to commission disclosure taken by various premium finance firms, and how they might be feeling following the Supreme Court's motor finance decision.
FOS motor finance cases fall but still top complaints issues
The number of motor finance commission complaint cases referred to the Financial Ombudsman Service in between the start of April and the end of June dropped to 21,500 cases from 36,000 cases in the first three months of this year.
Biba's Trudgill spots wins in government’s growth strategy
Trade Voice: Graeme Trudgill, CEO of the British Insurance Brokers’ Association, reflects on what more needs to be done in the wake of the government’s new financial services strategy.
'Sting could still be in the tail' after court motor finance ruling
While the financial services industry breathed a sigh of relief on Friday (1 August) afternoon after the Supreme Court’s decision on motor finance, it is not out of the woods yet.